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Economic Systems
| Question | Answer |
|---|---|
| currency | money |
| bartering | trading goods for goods |
| currency exchange | trading one country's currency for a equal amount of another country's currency |
| 3 questions answered | what,how,for whom to produce |
| traditional economy | economy where citzens hunt and gather to survive and barter what they have left |
| command economy | economy where the government controls everything |
| market economy | economy where there is only free trade and no government |
| mixed economy | economy where there is free trade but with a government |
| supply | how much a person has of a good |
| demand | how much a person wants of a good |
| capitalism | free trade market |
| specilization | making a living doing what a person does best |
| natural resources | non man made resources |
| capital goods | goods that are needed in producing other goods |
| human capital | people in a country who can do manual labor |
| entreprenuer | a person who takes a risk in starting a buissness |
| literacy rate | how many people in a country who can read and write |
| standard of living | how people in one country live |
| gdp per capita | dividing up the country's income per citizen |
| tariff | taxing goods from another country |
| quota | having a limited amount of goods that can enter a country |
| embargo | stopping all trade with one country |
| economy | system in which goods and services are traded in some format |
Created by:
ellabella06
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